Estate and Inheritance Tax Planning in Cheltenham
I want to reduce my inheritance tax bill…
Estate and Inheritance Tax Planning in Cheltenham
I want to reduce my inheritance tax bill…
Grief is hard enough without the added surprise of an inheritance tax bill. At Piercefield Oliver, we help you take control of your estate and make sure your wealth ends up in the right hands, at the right time, and in the most tax-efficient way possible.
How the process works
Inheritance tax planning isn’t just for the wealthy. If you own a property, have some savings or investments, or simply want to leave something behind for your loved ones, you’ll need to start thinking about how your assets will be handled after death.
We begin by arranging a complete estate valuation, which takes the following assets into account:
- Property and land
- Bank accounts and ISAs
- Investments and pensions
- Vehicles and valuables
- Debts and liabilities (these are deductible)
- Lifetime gifts made in the past 7 years
We’ll then calculate your potential IHT liability and look at strategies to help reduce that liability through methods such as:
- Gifting money to loved ones
- Setting up trusts to protect your assets
- Reviewing life insurance policies
- Effectively using available tax allowances and exemptions
But we don’t stop once your IHT bill is reduced. We also help to structure your affairs to make the probate process smoother, review and update important documents, e.g. wills, letters of wishes, and beneficiary nominations, and build a financial plan that allows your loved ones to inherit your assets with minimal tax consequences.
Planning for inheritance tax in Cheltenham
Planning for inheritance tax in Cheltenham
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How to reduce your inheritance tax bill
There are several ways to legitimately reduce your IHT liability. These include:
Reliefs and insurance solutions
- You may qualify for Business Relief of 50% or 100% on some of your business assets, as long as they are passed on during your lifetime or as part of your will.
- Agricultural Relief: You can pass on some agricultural property inheritance tax-free during your lifetime or as part of your will, as long as it meets the criteria.
- Whole-of-life insurance can be placed in a trust to help cover the costs of IHT bills for your beneficiaries.
- Discounted gift trusts allow you to give gifts to your beneficiaries with discounted IHT liability.
Gifts and Taper Reliefs
- Potentially Exempt Transfers (PETs): Gifts made more than 7 years before your death are usually exempt from inheritance tax (unless they are part of a trust).
- Depending on the size of gifts given between 3-7 years before your death, they may be subject to inheritance tax on a sliding scale known as Taper Relief.
- You have an annual exemption of up to £3,000 per person per tax year, meaning you can make gifts up to this value inheritance tax-free.
- If you make regular gifts as part of your normal expenditure and can demonstrate that it is funded from surplus income on a regular basis, the gift may qualify for exemption.
- There is also a small gifts exemption of up to £250 per person per year.
Why choose Piercefield Oliver?
At Piercefield Oliver, we believe there’s no one-size-fits-all solution when it comes to inheritance tax. We’ve helped countless clients across Cheltenham and the Cotswolds to create tax-efficient estate plans that are built around their lifestyle, goals, and values.
Whether you own a high-value or a more modest estate, we can help you:
- Understand your potential inheritance tax exposure
- Structure your estate to balance tax efficiency with any personal priorities
- Apply available reliefs and allowances to align with your broader financial goals
- Simplify complex arrangements in a way that protects your beneficiaries
- Because we’re not just here to help you save tax—we’re here to help you feel confident and in control of your legacy.
Book your free consultation with a local inheritance tax expert
Click the button below to book your free consultation with one of our independent financial advisers in Cheltenham.
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If you would like to find out more about estate planning and inheritance tax, please get in touch with us using the enquiry form below giving us an indication of your current situation and requirements.
Frequently Asked Questions
- Nil-Rate Band (NRB): £325,000 (frozen until 2028)
- Residence Nil-Rate Band (RNRB): £175,000 (if passing a home to direct descendants)
- Standard inheritance tax rate: 40% (only charged on the value above the NRB)
The probate process typically takes around 6–9 months to complete, although it can take longer for more complex estates or where additional enquiries are raised with the HMRC.
There are a number of strategies that can help reduce or eliminate your inheritance tax bill, including reliefs, gifting, and trust structures. At Piercefield Oliver, we can help you reduce your estate’s tax liability in a way that works for you and your loved ones.
Depending on the size of gifts made, you could be taxed against a sliding scale for any gifts that are made between 3 and 7 years before death. The longer you survive the gift, the lower the tax will be.
Currently, most pensions will sit outside of your estate and will not be counted towards your inheritance tax, but this all depends on the type of pension you have and how your benefits are nominated. These rules are set to change from 6th April 2027.
Inheritance tax is usually due within six months of the end of the month in which the person passed away. If this is not paid on time, HMRC may begin to charge interest. In certain cases, especially where property is involved, you can pay inheritance tax in annual installments over a period of ten years.